Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.
Category: Estates & Trusts
Trust 65 Day Distribution Deadline is March 6, 2017
The 663(b) election, also known as the “65 Day Rule” enables a trust to make a distribution within the first 65 days of year, and have it count as a distribution for the previous tax year. While this has always been a planning tool used to maximize tax savings for trusts and beneficiaries, it takes[ … ]
Why making annual exclusion gifts before year end can still be a good idea
A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take advantage of the annual gift tax exclusion with direct gifts. Even in a potentially changing estate[ … ]
3 strategies for tax-smart giving
[inlinetweet]Giving away assets during your life will help reduce the size of your taxable estate[/inlinetweet], which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).[ … ]
Trust 65 Day Distribution Deadline is March 5, 2016
Note: The deadline in 2017 is March 6th. (More) The 663(b) election, also known as the “65 Day Rule” enables a trust to make a distribution within the first 65 days of the year, and have it count as a distribution for the previous tax year. While this has always been a planning tool used[ … ]
How to determine if you need to worry about estate taxes
Here’s a simplified way to project your estate tax exposure. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death. Then, if you’re married and your spouse is a U.S. citizen, subtract any assets you’ll pass to him or her. Those assets qualify[ … ]
Married with a large estate?
Why you still need a credit shelter trust Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t necessarily the better path. For couples with large estates, making lifetime asset transfers and setting up trusts[ … ]
Have you had your annual estate plan checkup?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan: 2014 2015 Lifetime gift and estate tax exemption $5.34 million $5.43 million Generation-skipping transfer tax exemption $5.34 million $5.43 million[ … ]
